What about when Lyndon Johnson was President, when we were fighting a major war in S.E. Asia and we started the Great Society without running up major debt? and what about when Nixon, Ford, and Jimmy Carter were in the WhiteHouse? They didn't run up nearly as much debt as Reagan and Bush.
The budget for the fiscal year 2009, with a $1.4 trillion deficit, was set in place when Bush was President. Even the conservative Cato Institute acknowledges this.
http://www.cato-at-liberty.org/2009/...-2009-deficit/
I agree there are a significant number of loopholes in our current tax system in the form of deductions and credits, and these should be looked at to reduced the deficit, in addition to increasing tax rates and cutting wasteful spending.




years ?
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